Spotify acquires music licensing firm Loudr

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He is also credited for securing exclusive releases from Chance The Rapper, including the Grammy Award-winning album, "Coloring Book", for Apple Music.

Leading digital music streaming company Spotify has revealed that it has acquired music licensing platform Loudr in the aim of improving its operations in regard to licensing and royalty payments.

This device, circular design similar to a Google Chromecast, you cannot buy traditionally but it will be included in the price of a subscription to Spotify Premium service with a commitment of one year and that could range between 12 and 15 dollars a month in the United States, as revealed by the Country of Spain. Just a few days ago, Jimmy Iovine ended his time as head of this streaming music service.

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This is the second high-profile departure from Apple Music in a week. Last week, the tech giant announced that Oliver Schusser was promoted to lead Apple Music worldwide.

"What Loudr has built is more than just a smart and easy way for artists to obtain mechanical licenses; it's true music industry innovation", said Adam Parness, ‎Global Head of Publishing, Spotify. It's also being rumored that the company may announce its very first hardware product during the same event next week.

Currently, Apple Music has a total of 40 million paid subscribers, while Spotify's latest data shows that their streaming service has approximately 70 million subscribers. Carl Chery, the Head of Artist Curation for genres like hip hop and R&B, has made a decision to leave the tech giant in favor of Spotify.

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